By the end of June, Malaysia’s palm oil stocks increased by 1.9%, reaching the maximum value for the last 4 months at 1.72 million tons according to the national MPOB (Malaysian Palm Oil Board).
“Residuals in the region grew, but at a slower pace than previously expected (+10.5% according to the survey), as domestic production declined, while exports, on the contrary, picked up,” MPOB said.
It noted that crude palm oil production fell 4.6% to 1.45 million tons last month. “The current estimate came as a shock to industry participants who had expected the indicator to rise,” experts explained.
Exports, on the other hand, rose 8.6% to 1.17 million tons, exceeding the initial expectations of freight inspectors. Imports also increased – from 81 thousand tons to 135.3 thousand tons.